August 24, 2024
Harris’s Child Tax Credit Proposal Could Backfire, Perpetuating Poverty
A centerpiece of Vice President Harris’ newly released economic plan is a revamped Child Tax Credit, which would send families $6,000 for each newborn and up to $3,600 for older children, up from the existing $2,000 per child credit. Her proposal follows Vice Presidential candidate J.D. Vance’s recent call to increase the credit to $5,000…
April 8, 2024
The $1,000 Tax Hike on Middle-Class Families
When Americans file their taxes in the coming weeks, one group will be singled out for a tax hike: middle-class families with children. This April, a family with three children making at least $42,000 will pay about $950 more in (inflation-adjusted) federal income taxes than they paid in 2018 — when the Tax Cuts and Jobs…
January 12, 2024
Congress Shouldn’t Expand Welfare in Return for Corporate Tax Cuts
Bipartisan negotiations to revive the Democrat-favored 2021 Child Tax Credit in return for Republican-favored business-tax cuts are heating up. The business-tax cuts could be helpful in principle — if they focus on encouraging future investment and don’t add to the deficit. But under no circumstance should Republicans agree to turn the Child Tax Credit into a welfare…